The deal was expected to be an easy one, but last-minute resistance by Germany -- Greece’s long bailout nemesis and biggest creditor -- dragged the talks on for six hours.

The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached 180 percent of the economy -- almost double the country’s annual economic output.

They also agreed to disburse 15 billion euros ($17.5 billion) to ease Greece’s exit from its rescue program.

“This is a very tight program. A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all,” Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.

“We’ll have to see if the pledges will be kept, especially as they depend on international developments as well,” he said.

Under pressure from its creditors Greece has already agreed to slash pensions again in 2019, and reduce the tax-free income threshold for millions of people in 2020.

Further cuts will be made to maintain the 3.5-percent surplus, if necessary.

“It would be a terrible mistake to cultivate illusions that the end of the bailout means a return to normality,” said pro-opposition daily Ta Nea.

“What follows is tough oversight which no other country has experienced in a post-bailout period,” the daily said.